Considering Title Insurance? Ask These Questions

Deciding to buy a home is a monumental decision. It is a lengthy process, and a large investment, so when you finally find that perfect home, you don’t want anything to go wrong. To help ensure your lasting happiness at your new home, one of the last steps is to purchase title insurance. Title insurance insures you against the possibility of there being any errors buried in the deed or title to the house, preventing any unforeseen problems down the road. A title insurance will check the deed and title for any of these errors, and provide you with monetary and professional support should anyone challenge your title. In order to best decide where to get your title insurance, we have some questions for you to ask.

What Kind of Coverage Should I Get?

It is important to know exactly what kind of coverage you need, and how much it will cost. Base policies typically cover scenarios such as fraud, undisclosed heirs, forgery and spousal claims. If you value safety and peace of mind, additional coverage can also be added on.

Who Will Pay?

When it comes time to close on your new home and you decide on title insurance, make sure to know who will be footing the bill for title insurance. The laws vary from state-to-state on who pays for the title insurance. You may be responsible for the full cost of both the lender’s policy and the owner’s policy. If you must pay, purchasing both from the same company is often beneficial, as you typically receive a discount for the joint purchase.

Who Should I Go With?

Realtors, sellers and lenders all typically have their own title insurance companies that they will recommend. Your best bet is to stick with the lender’s recommendation, as their interests most align with your own. Any problems with the title resulting in the loss of your home will most negatively affect them, so they will be sure to pick a title insurance company that does the job well, and prevents this unfortunate circumstance.

About Colony Title Associates

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has over 23 years of experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers.

Colony is the preferred choice for many real estate brokers in the Maryland area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!